What are the final costs of buying a home?

The final costs (some parts referred to as Hidden Costs) is the total amount you are required to put down upon the final act of sale when purchasing a property. These costs can can vary depending on a lot of factors, but there are some general guidelines which can be followed to calculate the final cost to purchase a property.

Down Payment: (5% min of purchase price)

Home Inspection: ($500)

Notary Fees: ($1000)

Moving Costs: ($500)

Land transfer tax/Welcome Tax: (1-2% of purchase price)

Title Insurance: ($200)

School/Property Taxes: (varies)

Example of buying a condo for $300,000

Down payment: $15,000

PST on mortgage insurance: $1,023

Land Transfer Tax: $3,000

Notary fees: $1,000

Home Inspection: $500

Title insurance: $300

Moving costs: $500

Total Cost to acquire the property = ~$21,323

If you're still unsure on how much your final costs will be, you can Contact Us anytime with your questions. Alternativly if you're looking at buying real estate as a rental investment, we have made our Rental ROI Calculator avaliable as a free download.

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